Petrol and diesel prices are set to decrease further, reaching a price not seen since 2003.
This is due to the economic slowdown in China and supply exceeding demand.
RTÉ have reported that the price for a barrel of crude oil has plumetted to $30, a fall of 40%.
It is not only drivers who will have healthier pockets – homeowners have benefited too as home-heating oil has also fallen.
Top Oil claim that prices have nearly halved over the last two years for 1,000 litres of oil; going from €800 to €450.